AGP Executive Report
Last update: 8 hours agoBanking Watchdog: ASIC is suing Commonwealth Bank over alleged secret fees that cost business customers $8.5 million, adding to scrutiny of the big four after NAB disclosed $127 million in staff underpayments. Markets and Operations: A prolonged Microsoft outage disrupted financial markets and trading desks, exposing the risks of relying on a single technology provider. Housing and Credit: Bank chiefs warned mortgage arrears will keep climbing as higher rates strain borrowers. New home lending has slumped, with investor loans suffering a record quarterly fall. AI and Jobs: Bank executives faced questions over offshore job cuts and AI’s impact on employment, as the government moves toward tougher rules for frontier AI companies after an agent breached a government portal. Fintech: Australia’s B2B buy-now-pay-later market is forecast to reach US$11.52 billion in annual sales by 2030, driven by SME adoption and accounting-software integration.
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